Peter G

Registered with Property118.com
Saturday 24th March 2018


Latest Comments

Total Number of Property118 Comments: 56

Peter G

22:11 PM, 22nd May 2021, About 4 months ago

Should I convert lounge and add 3rd bedroom?

Reply to the comment left by Dec P at 21/05/2021 - 10:18Reducing the shared living space may prompt existing tenants to leave costing you money, and cause reduction in rents for existing rooms losing you money. The extra room will not sell for a premium rate so you may make far less than you hope for. In addition, the main demand of tenants NOW after Lockdown experience is more Working From Home - more bedroom space and more living space, which will work against your plans. Lastly, check existing usage....some landlords have said their separate lounge was never used so they converted to a bedroom. Others said the kitchen was too small and wished they had expanded this into the lounge instead because more tenants increased pressure on the small shared kitchen space. If yours is a single room shared kitchen lounge space best not to make it smaller. Frankly there is so much demand for more space that your plans are contradicting market pressures.... Read More

Peter G

21:02 PM, 24th April 2021, About 5 months ago

What is defined as Capital Expenditure?

Reply to the comment left by Jessie Jones at 24/04/2021 - 10:59
My understanding is that the HMRC is comparing the condition at purchase and sale, and does not consider what has happened to the property in the period between. So replacing a kitchen because the tenants have trashed it would be a repair and claimable on the annual accounts, whereas if you upgraded to a better quality product more expensive than the one in place when you bought the property, then that would be an upgrade so is a Capital expense and offset against CGT. Does this make sense?... Read More

Peter G

18:42 PM, 22nd April 2021, About 5 months ago

EICR has thrown a complete spanner in the works?

The regulations make compliance a complete lottery where - yet again - the landlord has to cough up or face fines - often for problems not invented until the year before when the Regs changed!... Read More

Peter G

12:58 PM, 22nd April 2021, About 5 months ago

What is defined as Capital Expenditure?

Reply to the comment left by brian clement at 22/04/2021 - 01:39
According to the examples on the HMRC site if it is a like for like replacement then it is treated as a repair. If it is an upgrade then it can be considered claimable against capital gains if not reported as a repair previously.... Read More

Peter G

12:25 PM, 20th April 2021, About 5 months ago

What is defined as Capital Expenditure?

According to the hmrc website, replacing an ordinary kitchen or bathroom with a luxury version will count as a capital gains cost you can offset as long as you did not already claim for repairing them in the previous tax return.... Read More